Estonia

map Estonia
Following a prolonged period of recession and stagnation, Estonia is set to return to growth. After an estimated 1.4% in 2025, real GDP growth is projected to strengthen to 2.3% in 2026 and 2.7% in 2027, before moderating to 2.4% in 2028 as the recovery matures. However, growth is expected to remain below the pre-war trend, reflecting the still-weak business confidence and persistent competitiveness constraints.
        FORECAST*
Main Economic Indicators202320242025202620272028
Population, 1000 persons137013721355...
GDP, real change in %-2.7-0.10.62.32.72.4
GDP per capita (EUR at PPP)3061031560....
Gross industrial production, real change in %-9.7-3.41.2...
Unemployment rate - LFS, in %, average6.47.67.67.16.86.5
Average gross monthly wages, EUR183219812092...
Consumer prices, % p.a.9.13.74.83.93.22.9
Fiscal balance in % of GDP-2.7-1.7-2.3-3.2-3.8-3.7
Public debt in % of GDP20.223.523.5...
Current account in % of GDP-1.2-1.2-0.6-2.0-2.1-2.0
FDI inflow, EUR m4823-3205-446...
Gross external debt in % of GDP88.897.899.5...


Basic data are continuously updated.

* Forecasts are changed beginning of January, April, July and November.
See Press Conferences.

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Monthly Report No. 1/2026

Vasily Astrov, Alexandra Bykova, Selena Duraković, Meryem Gökten, Richard Grieveson, Maciej Grodzicki, Ioannis Gutzianas, Doris Hanzl-Weiss, Gabor Hunya, Branimir Jovanović, Biljana Jovanovikj, Niko Korpar, Dzmitry Kruk, Sebastian Leitner, Isilda Mara, Emilia Penkova-Pearson, Olga Pindyuk, Sandor Richter, Marko Sošić, Bernd Christoph Ströhm and Marina Tverdostup
wiiw Monthly Report No. 1, January 2026
58 pages including 6 Tables and 15 Figures

Details

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Executive summary

Olga Pindyuk
in: The Crisis is Over, but its Scarring Effects are Hindering Recovery
wiiw Forecast Report No. Spring 2024, April 2024 , pp. I-VII
Details


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